Beancounters at Grand View Research have been adding up some numbers and worked out that global smart manufacturing market size is estimated to reach $395.2 billion by 2025.
The study, with the punchy title “Smart Manufacturing Market Analysis By Component, By Technology, By End-use (Automotive, Aerospace, Chemicals, Healthcare, Electronics, Agriculture, Oil & Gas), By Region, And Segment Forecasts, 2014 – 2025” claims that the growing emphasis on increasing production efficiency and gaining visibility across the entire value chain are the two major factors driving market growth.
In addition, the availability of advanced technologies such as 3D printing, Manufacturing Execution Systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the industry growth.
The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving market growth. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further drive growth. For example, China is reportedly investing over $3 billion for advanced manufacturing under the Made in China 2025 program.
Automotive and aerospace & defense industries are the leading growth avenues for smart manufacturing solution providers with industries such as oil and gas and industrial equipment manufacturing rapidly scaling their digitalisation efforts. With the proliferation of 3D printing, simulation, and modeling in manufacturing and design, these industries are expected to continue to maintain a significant growth rate over the forecast period. Though numerous solutions are available in the market, digital twin and real-time analytics are anticipated to spearhead the penetration of digitalization in these industries.
